TerraPay, a global leader in money movement, has chosen Thredd, a next-generation global payments platform, to power virtual card payments for global suppliers.
This strategic partnership aims to develop payment solutions within the travel industry, offering seamless, secure, and compliant virtual card services to intermediaries as part of TerraPay’s cross-border money movement network.
Through this collaboration, TerraPay will leverage Thredd’s advanced virtual card technology to enhance its network, offering additional features to B2B travel intermediaries across international markets, allowing travel businesses to pay their suppliers quickly and easily, accelerating market entry times and eliminating barriers such as currency conversion.
Today’s announcement follows Thredd’s recent launch into the US, as well as the news of several C-suite hires, supporting their goal to expand internationally.
“Welcoming TerraPay as a new partner demonstrates our commitment to serving the B2B payments industry with robust and seamless solutions to solve challenges such as modernizing supplier payments,” said Jim McCarthy, Chief Executive Officer at Thredd.
“Thredd will enable TerraPay to launch in new international markets and offer additional features to meet the needs of the travel industry,” commented Ambar Sur, Founder & CEO at TerraPay. He added “We are excited to have Thredd as a new supplier and partner as we look to expand our money movement network to offer global customers a unified payments platform.”
The collaboration between TerraPay and Thredd is set to capitalize on the growing market for B2B virtual cards, which is projected to reach $300 billion by 2027. This partnership underscores TerraPay’s dedication to providing innovative financial solutions that drive efficiency and inclusivity within the travel sector and beyond.